Tag Archives: Long-Term Care

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From 2020, all Singa­por­eans who are aged 30 to 40 will be auto­mat­ic­ally enrolled into the new Care­Shield Life, regard­less of his health con­di­tion. It is a uni­ver­sal cov­er­age, and so if he is dis­abled when he joins scheme, he will make a one-time premi­um pay­ment, and will start col­lect­ing the pay­outs imme­di­ately. Those who are on the cur­rent Eld­erShield can opt to join the new Care­Shield Life, more inform­a­tion will be released by the gov­ern­ment later.

To recap, these two schemes start pay­out once a per­son is severely dis­abled, that is, can­not per­form 3 out of 6 daily activ­it­ies of bathing, feed­ing, dress­ing, trans­fer­ring, mobil­ity and toi­let­ing.

The key dif­fer­ences between Care­Shield Life and Eld­ershield at a glance are as fol­lows:-

Care­Shield LIfe

Eld­erShield 400

$600 monthly pay­out for life, from year 2020

$400 monthly pay­out for 6 years

Monthly pay­out increases from year 2020, as long as you are still pay­ing premi­um

$400 monthly pay­out is fixed

Premi­um pay­ment from age 40 to 67

Premi­um pay­ment from age 40 to 65

Premi­um increases over the years till age 67

Premi­um is fixed at the entry age

Though the premi­um will increase over the years, medis­ave can be used fully to pay the premi­um for Care­Shield Life.

The Care­Shield Life is def­in­itely a great improve­ment in term of pay­out amount and the cov­er­age years. It also factors in infla­tion cost over the years. For the first 5 years, the gov­ern­ment has decided to increase the pay­out at the rate of 2% per annum. The monthly pay­out will increase as you pay your high­er premi­um each year, until you make a claim and stop pay­ing premi­um or when you fin­ish pay­ing your premi­um at age 67.